Protecting small businesses: how PPP helped frontline workers

One of the wonderful aspects of life in New York City is the diversity of small, local businesses. The ability to head into any neighborhood and find a new tailor, a trusted mechanic, or a local family-run deli is part of the quintessential New York experience that we, at Amalgamated Bank, hope to preserve for the years and decades to come. 

In the past year, however, the COVID-19 pandemic hit small businesses hard, particularly those that require face-to-face contact with customers or clients. To keep small businesses afloat during these difficult times, Amalgamated offered its clients help through the Paycheck Protection Program (PPP). PPP was created by the CARES ACT to provide a direct incentive for small businesses to keep their workers on the payroll. The program is administered by the Small Business Administration (SBA), which guarantees 100% of the loans. Amalgamated facilitated the application process and helped ensure these loans were reaching the businesses that need it. 

One such client who benefited from the PPP service at Amalgamated is Dr. Lionel Hausman, D.P.M., Board Certified Podiatrist, who has been serving the Gramercy Park community for 29 years with hopes to continue long into the future.

For Dr. Hausman, the pandemic caused an unprecedented decrease in the volume of patient visits that continues today. With this unexpected loss of revenue, Dr. Hausman turned to Amalgamated and sought out financial support options.

“I understand that people are still very wary to go out in public and to see doctors right now,” said Dr. Hausman. “In the meantime, Amalgamated helped me obtain a PPP loan twice during the pandemic. Getting this loan has allowed me to pay my employees and pay off my expenses throughout this difficult time. The PPP loans have really helped me to keep my business afloat.”

Dr. Hausman practices Podiatric Medicine and Surgery with an emphasis on orthotics, diabetic shoes, and braces. He provides integrative podiatric care to both adults and children in the New York Metropolitan Area, treating podiatric conditions both surgically and non-surgically.

“Running a solo practice for 29 years and counting and being able to serve this community with their podiatric needs has been my biggest achievement,” says Dr. Hausman. “I deeply enjoy working with my patients, being able to treat them, and having an impact on improving their lives.”

The community has played a big role in supporting his practice, and he feels as dedicated as ever to his mission to serve his patients. Patients have recognized his valued personable service. He often makes house calls in the neighborhood, especially to those patients who are physically homebound, and makes every attempt to ensure his patients are comfortable throughout their treatments.

Upon opening his practice, it was important for Dr. Hausman to choose a bank that was locally based and that shared his same dedication for the community and for small businesses like his. He was also happy to support a values-aligned bank that takes corporate social responsibility seriously, and that always acts in the interest of social, environmental, and economic justice.

“I chose Amalgamated 28 years ago and I remain very happy with that decision,” says Dr. Hausman.

As is often the case with small business owners, one of the core challenges for Dr. Hausman has been to maintain his independent practice. A lot of new physicians coming out of school, or those who already had their own independent practice, are quickly taken over by corporate and hospital-based Podiatric Medicine.

“The benefit of having a private practice in the neighborhood is being able to develop relationships with your patients and being able to cater to their specific needs,” said Dr. Hausman.

Dr. Hausman, as a small private business owner, was the perfect candidate to receive the PPP loan. Our team at Amalgamated shared all relevant information with Dr. Hausman and facilitated his application process.

“One of the things that I value about banking with Amalgamated, which became so very important this last year, is the personal attention that I always get,” said Dr. Hausman. “I was able to get in touch with my banker and he was there to offer guidance and help me get the loans I needed when I needed them most.”

We’re proud to provide support to small businesses like Dr. Hausman’s, so he may continue to serve his community for many years to come.